Hello Vinita,
It is important subject to be studied and understood .
Agree IR is no longer the force to reckon with as it used to be in the hey days. However majority of current HR policies and practices have been fine tuned from this period.
IR would also help you to understand the basic laws which are in force today and most importantly assists one in understanding the people who come to workplace in broader perspectives whether they are workers or IT specialists or BPO employees.
Please refer to my thread of discussions on this subject in 2005
https://www.citehr.com/2648-future-i...ons-india.html
IR roles is predominately reserved for males as they have to deal with the workers in factory however there is emerging opportunities especially in pharma sector which have been employing the lady workers.
Happy learning !
Rajat Joshi